Even when everything goes according to plan, childbirth can be a painful and stressful experience. In most cases, the trauma fades as you begin a new life with your healthy newborn. Unfortunately, it is much more difficult to move on if your child suffered an injury during delivery because of someone else’s mistake.
Birth injuries can result in the need for expensive long-term care and treatment, but you don’t have to face this situation alone. You can file a legal claim for compensation from the at-fault party, and you may be eligible for legal funding to get upfront money while you wait for justice.
In This Article
How Lawsuit Funding Can Help You and Your Family
A medical malpractice case against the person responsible for your child’s injuries might eventually help make your family financially whole again, but the wheels of justice turn slowly. It can take years to get compensation for the medical costs you’ve incurred.
Meanwhile, you need to pay rent and keep food on the table, all while facing a possible income reduction if you take time off work to focus on your baby’s care. Of course, you could dip into your savings or ask family and friends to help, but this can deplete your financial safety net and lead to strained relationships. Legal funding from High Rise Financial offers an alternative, giving you fast access to cash that you can use for:
- Medical expenses, including doctor bills, therapy, equipment, and medication.
- Home improvements to make your house safer and more accessible for your child.
- A modified vehicle to accommodate a wheelchair if necessary.
- Necessities like groceries, home utilities, and housing costs.
- Educational materials and tuition to give your child the best possible chance in life.
In fact, other than laws against using lawsuit funding to pay lawyer fees or legal costs in some states, these funds can be used for practically any expense. With this financial cushion, you don’t have to settle quickly or accept less than your claim is worth just to get the money to pay your bills.
The High Cost of Birth Injuries
Birth injury is harm experienced by a baby during the labor and delivery process. These injuries can be mild and temporary, like a bruise or lacerations, but often they are more severe and persistent. Moderate to severe birth injuries include things like:
- Broken bones
- Cerebral palsy
- Nerve or brain damage
- Damage to the spinal cord
- Internal bleeding
An injured infant will often need immediate care, including expensive surgeries and time in the neonatal intensive care unit (NICU) to stabilize their condition. Additionally, long-term treatment like special education, additional surgeries, and various therapies can continue to compound the out-of-pocket costs.
To determine your potential compensation, your attorney can help you calculate your total losses, including lost wages and pain and suffering. If you have a strong case against the defendant, legal funding can provide around 10 to 20% of this expected compensation upfront.
How Does Birth Injury Legal Funding Work?
To acquire legal funding, you will need a cooperative attorney and a pending lawsuit with a high likelihood of success in a state that allows litigation financing.
Here is what happens when an individual who is the plaintiff in a birth injury lawsuit goes through the process:
- The plaintiff and their attorney will fill out paperwork and submit it to a litigation funding company like High Rise Financial.
- When an application for pre-settlement funding is submitted, we will discuss the plaintiff’s case with their personal injury lawyer to ensure their lawsuit qualifies.
- Our underwriters will review the application and determine whether to approve the request and how much to offer.
- Barring delays, we can approve an application the same day or up to 48 hours later.
- Upon approval, the plaintiff will receive the cash balance based on the predicted settlement amount.
- Finally, when the plaintiff’s lawsuit is finalized, the money will be repaid through their attorney, using the funds received in the settlement. This repayment will include the interest rate and fees agreed to beforehand.
Pre-Settlement Funding Is Not a Loan
As a plaintiff who receives legal funding, also called litigation financing or pre-settlement funding, you are using a risk-free choice that allows you to obtain a portion of your future settlement immediately. Therefore, pre-settlement funding is not a loan.
The IRS classifies lawsuit funding as non-recourse, which means you won’t be on the hook to pay us back if you lose your birth injury case. Therefore, we will not ask for collateral, and we don’t demand proof of income, employment status, or a rock-solid credit report the way traditional lenders would.
Also unlike a loan, legal funding repayment occurs in one lump sum rather than monthly installment payments. This allows you to move on with your life faster, without being held back by burdensome debts.
Apply for Legal Funding from High Rise Financial Today
We know that time is of the essence when you apply for legal funding, especially when your child’s health and welfare are on the line. That’s why we move quickly to get you the money you need in one business day rather than the weeks it could take to fund a regular loan.
For fast, risk-free funds that can help get your family back on their feet, contact us and fill out your application today.